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Breaking: RBZ Restores Cash-in And Cash-out But With Restrictions

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RBZ Building

Here is the directive from the RBZ:

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The Directive (NH 01/2019) on cash-in. cash-out and cash.back facilities was issued to protect the transacting public from some mobile banking agents leveraging and abusing the payment ecosystems.

Payment systems by their name play an important role of providing a mechanism or highway to facilitate economic activities in the country. As such, the Reserve Bank continues to promote digital financial services which contribute to financial inclusion and stability.

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Cognizance of that, enhanced monitoring mechanisms have been put in place by both Reserve Bank and Payment System Providers to mitigate against abuse of payment systems and ensure abusers are brought to book.

To this end, Payment System Providers and Agents are hereby advised that the cash-out facility is now capped at $100 per transaction with immediate effect. Related to that, existing operational cash in and cash-back limits shall remain.

Furthermore, the Reserve Bank will be injecting cash into the economy without changing money supply. In this regard, banks will exchange existing RTGS balances for cash thus maintaining the monetary, base unchanged.

Financial institutions and Agents are required to strictly adhere to the Know Your Customer KYC and Customer Due Diligence ICDD, principles for all their customers at all times and ensure that there is no abuse of the payment systems

Going forward. the Financial Intelligence Unit shall enhance monitoring of financial activities to ensure compliance.

J P MANGUDYA

2 October 2019


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4 thoughts on “Breaking: RBZ Restores Cash-in And Cash-out But With Restrictions

  1. What can 100 bond buy , is this for bus fare purpose only? I like the freezing move and hope citizens will access 100% of the value . Printing cash and substituting equal value of rtg will make things worse. wait and see.
    It is very clear that the makeshift policies from the RBZ and Ministry of Finance are not working but rather hurting the intended beneficiaries. Given these policies I see an exchange rate above three digits by December and equal fuel prices.
    Do we have a new definition for stabilization if we are to look at Prof Ncube’s projections … we are worse off.

  2. Same sickening piecemeal summersault measures… Mangudya has failed, and he must do the honourable thing, and that is to resign, seeing that ED seems to tolerate incompetence…

  3. Its simple economics not Rocket science instead of all these monetary changes go to the source of the problem the Government itself it cause these problems starting with Gono they collapsed the economy and instead of finding a solution keep putting stop gap messures with inflation what can you buy with a 100 bond ??? are thet serious ???

    1. I cannot get my head around the mentality and thinking of this place anymore!!! Inject more useless bond for what?? Most things are imported so how the hell do companies restock?

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